Section 142C

In the winding up of an insurance company, including a former insurer member the membership of which has been cancelled under section 38 or terminated under section 39 and whether it is insolvent or not, the value of its assets and liabilities, including liabilities in respect of policies, shall be ascertained on such basis as the

Corporation may determine and the law relating to bankruptcy or insolvency shall not apply to the valuation of the liabilities.

Waiver of strict proof of debt